Vietnam maintains tariffs on imported steel

Vietnam’s Ministry of Industry and Trade (MoIT) has decided to maintain safeguard measures for steel billets and steel bars imported from a number of countries and territories including China, the US, Canada, Germany, France, Japan and the Republic of Korea.

The decision was made after the mid-term review. The investigating unit determined that if the safeguards are not continued, the domestic industry would find it difficult to compete with imported goods.

According to the MoIT, maintaining tariffs on imported steel is necessary to ensure the effectiveness of the measures and to give local industry more time to restore production.

The Ministry of Industry and Trade has decided to maintain safeguard measures for steel billets and steel bars imported from some countries and territories

The rate imposed on long steel products will be 12.4 percent from March 22, 2018 to March 21, 2019 and will be reduced to 10.9 percent in the following year.

Tariffs on steel billets will be 19.3 percent and 17.3 percent over the same periods.

The tax rate for both steel products will decrease gradually to zero percent by March 22, 2020 if the ministry does not renew the safeguards.

In July 2016, the MoIT decided to impose tariffs on imported steel billets and steel bars.

Developing countries like India, Thailand and some Latin American countries, and underdeveloped ones in Africa that account for less than 3 percent of Vietnam’s total steel imports are exempt from the tariffs.

On March 26, the MoIT conducted a mid-term review of safeguard measures for these products.